Trends

The great resignation is coming: Are you ready?

Workers across the globe have spoken

MATT SYMES,

CEO, SYMPLICITY DESIGNS

Covid-19 has pushed us 10 years into the future. The crisis forced us to stay apart and then highlighted just how much work could be done remotely. Before March 2020, video conferencing existed; the most valuable companies in the world relied on code and media as their main revenue drivers; e-commerce was steadily gaining in popularity, as digital natives entered the marketplace with more and more purchasing power.

And yet, it was the pandemic that forced us to rely on those means. Sixteen months of operating this way has driven adoption and ingrained new habits. The world has changed, and perhaps no change will be as disruptive as the way we work.

In early 2020, not a single CEO was worried about the impact of remote work. In 2021, 51 per cent of surveyed CEOs in the annual Predictive Index benchmarking report said working well remotely was their top priority. And with good reason.

Most studies in North America suggest that how we work has been forever altered. For business owners, the next 24 months will be more difficult to navigate than the previous 16 months. 66 per cent of Canadians said they want a hybrid option; 82 per cent said they would quit their job if they were forced back to the office and their commute was longer than 15 minutes. Some experts predict more than 53 per cent turnover before the end of 2023. In April 2021, more than four million people quit their jobs in the U.S.––a 20 year high. It has begun.

Organizations will have to choose between in-office, fully remote and the hybrid model. And as we choose, so too will the people in our charge.

There are three reasons, two of which you have little to no control over (but you can influence). And one that you need to get right.

1. Last year was hard on everyone and, as a result, many desire a fresh start. That includes their job.

2. Opportunity is everywhere, literally. Remote work opportunities have skyrocketed and the war for talent is spreading across the globe. That means local markets will need to work harder to retain local talent. High performers will have the most choice.

3. Your next normal. Are you fully in the office, remote or a hybrid model? Whatever you choose, it will be a change for most of your people and you will need to be intentional about it. There is no right answer, however, the mistake many owners will make is underestimating the move to the hybrid model and its particular influence on productivity.

With every challenge, comes opportunity. It’s your responsibility to understand the needs of your organization, your people, your single points of failure and your organizational risks. With your senior leadership team, choose your next normal. You're going to choose a fully on-site, fully remote or the hybrid model. Your decision is going to appeal to some and not to others.

*Note of caution: The hybrid model does not mean wing it. And it is the most difficult model to get right.

Map out your organization, identify the key roles and the key people. The organizational view will help you understand all your risks.

Next, connect one-on-one with everyone in your organization. Get to know them a little more personally. How are they doing? What are their plans? Most times a meaningful conversation, without distraction, will give you a solid understanding of where they stand and how your post-pandemic organization aligns with their thoughts.

One business leader said bluntly that he knows mass migration is about to happen. His goal, after he connects with his people, is to be in a position to win the re-trade.

There is no right answer, but there is a wrong answer: confusion. What will you be on the other side?

Organizations will have to choose between in-office, fully remote and the hybrid model. And as we choose, so too will the people in our charge."

Matt Symes is a serial entrepreneur, portfolio manager and recovering academic. As a co-founder of Symplicity Designs, he has helped 400+ organizations through growth and crisis management. When it comes to Symplicity’s own human resources, Matt and the leadership team have worked hard to create a culture that supports its employees in every facet of life. For more information on the company’s new Sympli Works training course, The Boss’s Guide to HR, visit Sympli.Works.

Purpose-driven retirement

Needing a financial strategy

CHRIS KEEFE,

FINANCIAL ADVISOR, EDWARD JONES To find their purpose –– contributing to the community, growing intellectually, gaining new experiences and so on –– retirees will need to be financially prepared."

Today’s retirees, and those of tomorrow, have had a sense of purpose their entire lives –– and they don’t intend to give it up just because they’ll no longer be working full time.

According to the Four Pillars of the New Retirement study (2020, Edward Jones/ Age Wave), 51 per cent of recent retirees said retirement is the time for "a new chapter in life," compared with just 25 per cent who said it was a time for "rest and relaxation."

The same study found that 97 per cent of retirees said it was important to keep learning and growing at every age. However, to find their purpose –– contributing to the community, growing intellectually, gaining new experiences and so on –– retirees will need to be financially prepared.

How can you prepare for a purposeful retirement? Start by asking yourself the next questions.

Will I need to prioritize some of my goals?

As a retiree, you may hope to do any number of things. You might want to take up a hobby, learn a new skill or volunteer in your local community. Like almost everyone else, you won’t have unlimited financial resources during your retirement years. And you may need to prioritize these goals, worthy as they may all be to your sense of purpose.

Can I still afford to retire at the age I planned?

When you first calculated your ideal retirement age, you might have been counting on your investment portfolio having returned a certain percentage. Or you might have had different goals in mind than you do now. Or you might have had a somewhat different family situation.

Changes in any or all of these factors could affect the age at which you choose to retire. But if you conclude that you may need to postpone retirement for a couple of years, your decision could offer some advantages. They include the ability to contribute more to your Registered Retirement Savings Plan (RRSP), Tax Free Savings Account (TFSA) or similar employer-sponsored plan. In any case, it’s a good idea to review your retirement plans periodically, perhaps at least once a year.

How can I incorporate philanthropy into my financial strategy?

Giving back to your community may be a key element of your purposedriven retirement. Yet, with so many educational, civic and cultural groups in existence –– including many in your own area –– you probably can’t give as much as you’d like to all of them, without affecting your own lifestyle today and the legacy you’d like to leave for your family.

So, you may want to take two distinct steps. First, consider establishing a budget for how much you will give to charitable groups each year. And second, think about including philanthropy in your estate plans, because there are many vehicles and techniques available. You should consult with your legal, tax and financial professionals when drawing up your estate-planning strategies.

It can be extremely rewarding to live your retirement purposefully, but you’ll find it a lot easier to do when you make the right financial moves.